Bitcoin (BTC): a new DIP could arise!  July 10 Technical Analysis

BTC continues to hold within the range of $30,000 to $31,000. Large investors seem to remain optimistic and continue to accumulate. The long-term trend of bitcoin (BTC) price remains bullish, although a new dip cannot be ruled out. A short-term sell could be interesting.

The accumulation of big investors continues

The price of BTC is stagnating around $30,000 after an explosive 25% rise. This slowdown is mainly due to profit taking and the difficulties encountered by the major exchanges.

Despite this, bitcoin (BTC) whales and sharks continue to expand their wallets. Indeed, these large investors have accumulated an additional 71,000 BTC since June 17, according to data from Sentiment. These massive purchases, worth $2.15 billion, are expected to put upward pressure on the price of this crypto. It also denotes high confidence on the part of these investors despite the slowing upside.

Bitcoin DIPs
Accumulation of bitcoin whales (BTC) – source: Santiment on Twitter

Moreover, the price structure of bitcoin (BTC) remains bullish on a daily scale. As long as the price continues to form higher and higher highs and lows, the trend remains bullish. However, it is possible that bitcoin will see a further dip below $29,624 before resuming its uptrend.

A slight decline in Bitcoin (BTC) before a bullish recovery?

Several investors are predicting an explosive July for BTC, which is entirely plausible given the accumulation of whales and the growing interest of financial institutions in Bitcoin ETFs. However, before that, a slight correction in bitcoin (BTC) might take place.

Bitcoin DIPs
Bitcoin (BTC) daily chart – source: TradingView

Indeed, the breakout of the low at $30,189 suggests a continuation of the short-term decline. If this hypothesis is confirmed, BTC could drop below the double bottom at $29,626. Then, a bullish resumption could be considered once the price breaks through this level. In this scenario, it might be worth selling at $30,662 in the short term. In the event of a very bearish scenario, the target for this bitcoin (BTC) short position would be the support at $28,331.

Admission: $30,662;

Stop: $30,941;

Objective 1: $29,626;

Goal 2: $28,331.

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